Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Entries and schedules for the band Completed lobs Tybee Industries Ineses become the following data urme the operation related to production for the month of

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Entries and schedules for the band Completed lobs Tybee Industries Ineses become the following data urme the operation related to production for the month of options Materials and on account $2.520 b. Mens red and factory taler Job Materials Factory Labor 51.900 30+ 53,00 302 2.670 303 2.400 1,310 304 3.250 4,910 305 5,200 3.700 306 1,820 2.380 For general factory use 1.020 2,950 c Factory overhead cos incurred on account, 55,750, d. Depreciation of machinery and equipment. $1,410 The actory overhead ratie is $70 per machine hour Machine hours used Job Machine Hours 301 28 302 303 19 Previous Check My Work 19 77 305 45 306 42 Total 242 Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, 58,340, Job 302, 510,210; Job 30, $14,730 Required: 1. Journalize the entries to record the summarized operations. For a compound transaction, an amount box does not require an entry, Imove it blank Entries Description Debit Credit 2. Post the appropriate testo accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes Insert memo account balances of the end of the month Work in Process bal Previous Check My Work Tinished Goods 3. Prepare a schedule of unfinished to suport the blance the work in process Jal Ora Balance of work in Prices, January 30 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account Tyber Industrieste Schedule of completed on Die Factory Joti Direct Lab Previous Check My Work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modern Auditing

Authors: Walter Gerry Kell, William C. Boynton, Richard E. Ziegler

5th Edition

0471542830, 9780471542834

More Books

Students also viewed these Accounting questions

Question

1. Which position would you take?

Answered: 1 week ago